This is a question you will likely be asking yourself if your property is not selling. If this is the case, then there is a need to face the reality of the situation and make the necessary decisions to change the status quo.

In this article, we examine the possible reasons why your property is not selling.

• The Property is in poor condition

This is arguably the most important factor in attracting potential buyers. As mentioned in our previous posts, it is crucial that when you hold a show house, the property be in the best condition possible.

A property in poor condition will have an immediate negative influence on potential buyers, especially those who have limited financial means to spend money renovating or repairing a property following transfer.

Tip: Re-examine what visible repairs or improvements can be undertaken to make the property more attractive, within your financial means.

• The property is overpriced

In a previous post, we discussed how to determine the selling price of your property and What not to do when determining your selling price.

Every property owner, when selling their property, wants to obtain the maximum price for the property, but it is important to know that the market value will NOT be:

• What you originally paid for the property, or
• The purchase price of the property you want to buy or
• What you paid for your property, plus what you have spent on it, or
• What your friends or family advise?

Be careful not to list your property at a price that is not relative to the market. In other words, if the price of your house is too high in relation to similar properties in the area, your property is likely not going to sell quickly.

Buyers have access to a wealth of information using online property tools and will be quickly able to ascertain if your listed price is too high or not.

A listed price that is too high is likely to be on the market for longer than it should, which may provide buyers with negotiating power.

Tip: Avoid emotional thinking that your property is worth more than it is. Take your time conducting research and seeking advice, in determining the correct sales price BEFORE listing your property on the market.

• Economic outlook

Economic factors such as high interest rates, inflation and generally a sluggish economy will have a huge negative impact on the property market. If you are trying to sell your property in these market conditions, it is likely to take a lot longer compared to the opposite situation.

There isn’t much you can do to influence these factors, but depending on the reason as to why you are selling your property, it may be prudent to remove your house off the market if it has been listed for a while and rather wait for market conditions to improve.

Usually, when the interest rates are high, there are fewer buyers in the market, which significantly affects the demand for your property.

Tip: During times of economic downturn, be very flexible with your listed price and be open to negotiation. If you still don’t secure a sale, it would be worthwhile to remove your property from the market and list again when the economic factors are more favourable.

• Wrong location

Location is one of the most crucial factors buyers consider when looking for a property to buy. Accordingly, if your property is in an area with high crime rates or close to a highway or a busy road, you will likely not attract too many offers.

Tip: As with economic factors, your location is not something you can control. You may have no choice but to adjust your price to attract buyers.

• Poor marketing

Given the number of properties that are available for buyers to choose from, your property must make an immediate impression on buyers.

Good quality, clear and professional-looking images of your property are essential in attracting buyers to view your property. Getting buyers to view your property is key. The more buyers that physically view your property, the better.

Tip: Use a reputable agency that has the skillset to take quality, well-lit images of the various components of your property to make your property as attractive as possible. Also, ensure that the agency uses multiple marketing media in an attempt to target as many buyers as possible.

• Limited curb appeal

In previous posts, we have highlighted the importance of curb appeal. This is the term given to the attraction of a neat driveway and curb. As buyers arrive to view the property, an untidy driveway and entrance will have an immediate negative impact on the buyer.

Tip: Always have a neat driveway and entrance. Make it attractive with flowers or well-suited ornaments to make an initial impression.

• Limited number of showhouses

While it is a huge inconvenience to prepare for a showhouse, limiting the number of showhouses could be costly. Estate agents need showhouses to market your property and allow potential buyers to view the property. In several instances, buyers could be viewing another property in the area and notice the estate agency’s ‘for show’ sign outside your property.

Have as many showhouses as possible in trying to sell your property.

It is important to allow viewing outside a showhouse date, as often buyers want to see the property for a second time if they are interested.

Tip: Be flexible in allowing estate agents or buyers to view your property outside the showhouse dates.

We hope that these tips are of assistance in deciding to change the status quo of your property not selling.

We also recommend that you carefully consider and choose a reputable agent before listing your property.